Mortgage Calculator Loan Amount: Annual Interest Rate: Loan term (years): Monthly Payment: function calcMortgage(){ // Get the user's input from the form. Assume it is all valid. // Convert interest from a percentage to a decimal, and convert from // an annual rate to a monthly rate. var principal = document.forms["mortgageCalc"]["amount"].value; var interest = document.forms["mortgageCalc"]["interestRate"].value / 1200; var payments = document.forms["mortgageCalc"]["term"].value * 12; // Now compute the monthly payment figure. var x = Math.pow(1 + interest, payments); var monthly = (principal*x*interest)/(x-1); // Check that the result is a finite number. If so, display the results // in the div tag named starve with the id of payment. if (isFinite(monthly)) { document.getElementById('payment').innerHTML = "Monthly Payment = " + monthly.toFixed(2); } // Otherwise, the user's input was probably invalid, so don't display anything. else { document.getElementById('payment').innerHTML = ""; } } Understanding Payment Calculators for Your Mortgage When it comes to taking out a mortgage, it's important to be aware of all the possible payment information, options and costs that come with taking out a mortgage. Understanding your payment options and budgeting for them gives you the best chance of avoiding potential problems in the future. That's where payment calculators come in. Mortgage payment calculators can help you understand how much you could be paying each month and how much you can realistically afford. Many different types of payment calculators exist, so it's important to find the one that is right for you. Here is a brief overview of payment calculators and how you can use them to better manage your mortgage payments. What is a Payment Calculator? A mortgage payment calculator is an online tool used to estimate the total amount you will be required to pay on your mortgage. It helps you to determine how much you can afford each month, the interest rates required for different mortgage types, and the amount of time it will take to repay the loan. With a payment calculator, you can also make predictions about how much your monthly payments might change depending on the loan terms and interest rate. Most payment calculators feature easy-to-use sliders and a straightforward interface. Some even feature interactive charts and graphs to show you a visual representation of the payment options you have. Additionally, they can help you to determine the amount of money you need to save each month to reach your desired mortgage amount. How to Use Payment Calculators Using a payment calculator is fairly simple. The most common type of payment calculator is the "standard mortgage calculator". This calculator is best suited for first-time homebuyers. It typically has a few simple fields to fill out before generating a payment estimate. These fields usually include the loan amount, loan type, and estimated term. Another type of payment calculator is the "ARM calculator". This type of calculator is great for those that plan to buy a home in the near future or for those that want to refinance their current loan. The ARM calculator allows you to calculate the expected payment for a variety of different loans. It also shows you the estimated payment for a given ARM (adjustable-rate mortgage) loan. Finally, there is also the "refinance calculator". This type of calculator is used to determine how much you can save by refinancing your existing loan. It compares the two different loan terms and gives you an estimate of how much you can save if you refinance. This calculator is great for those that already have a mortgage and are trying to lower their monthly payments. Conclusion Payment calculators can be a great tool for anyone considering taking out a mortgage or refinancing an existing loan. They help you understand your payment options and give you estimates of what you can expect to pay on the loan. By using a payment calculator, you can easily budget your payments and make sure you are always on top of your mortgage payments. Mortgage payment calculators are not complicated tools and can be found online for free. There are many different types available, so it's important to find the one that best suits your needs. By using a payment calculator, you can improve your chances of making the right decision when taking out a mortgage and make sure your payments always fit your budget.